No top-rate gain for the landlord Chancellor

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George Osborne said that he would not benefit personally from the cut to the 50p tax rate yesterday, revealing that his ministerial salary, company shares and rental income added up to less than £150,000 a year.

Labour seized on the Chancellor’s claim that he would not gain from his decision to slash the 50p rate to 45p from next year. His assurance immediately put the incomes of his Cabinet colleagues under scrutiny.

Mr Osborne earns £134,565 a year as a Cabinet minister. However, he also owns 15 per cent of his family’s wallpaper company and has additional income from renting